Bitcoin price surges past $70k as daily trading volume soars

Bitcoin (BTC) rose to $70,000 on Monday, marking the first time it has risen to that level in more than a month.

At the time of this writing, the price of Bitcoin has increased by 5.8% in the last 24 hours and more than 10% in the past week. This increase comes before the vote on the 21st Century (FIT21) Act and the increase in spot buying and spot BTC exchange-traded fund (ETF) purchasing.

This activity has caused the cryptocurrency community to question whether the bull market has just begun or is nearing its peak. BTC is facing critical resistance in the $69,000-72,000 range.

Bitcoin briefly rose above $70,000 in volatile trading on Friday as the crypto craze continues to captivate the investment community. It rose as high as $70,275 before quickly falling to $69,317.72. Since then and at the time of writing, BTC has remained around $69,800. This explosion in trading activity is causing speculation that the latest consolidation phase is over.

With Bitcoin trading a few hundred dollars above $70,000, the 20-day EMA sits at $64,371 and a positive RSI indicates that a breakout to the upside is more likely. Breaking the $68,000 resistance could see BTC price moving towards $73,777 and new all-time highs, but this level could lead to a strong bearish reaction.

This increase came as a surprise to some, as the number of whale transactions consisting of at least $100,000 worth of BTC dropped by 51% in the last five days.

If this marks the end of a resistance level, Bitcoin’s price is poised to make new all-time highs if it can successfully surpass the critical resistance level of $67,500.